by Apurva Venkat

Reliance Mutual Funds brings investment at your fingertips with an app

Nov 26, 2017
Internet Security

Reliance MF used its app Simply Save to provide customers with instant services. 

Reliance Mutual Fund had been looking at ways through which they could innovate using technology in the space so as to make mutual funds reach the masses.

“The organization wanted a new solution that would combine the three key features of mutual funds. Reliance MF wanted a solution that had a professional fund management system so as to ensure customers higher returns; it also wanted that the customers had access to their funds on demand;  and while doing these it wanted the safety and security be maintained at all times,” says Chandra Gupta, CTO, Reliance Nippon Life Assessment Management.  To achieve the same the micro finance organization introduced ‘Simply Save’ app.

How the app works?

The Simply Save app allows investors to get on-boarded within a few minutes and instantaneously start saving their money. The investors invest into liquid schemes which gives them higher returns as compared to fixed deposits in banks. The biggest advantage of using the app is that the investor can also get his money back into his account within a few minutes of placing a withdrawal request. This feature is called ‘Instant Redemption’.

The Simply Save app makes one’s mutual fund account similar to a bank account or a mobile wallet. The on boarding process is quicker, all a customer/investor has to do is give a valid PAN or Aadhaar and they can start investing with a single click. On clicking of the button funds are instantly debited from the Investors bank account and deployed into mutual fund. The investor gets an acknowledgement of the transaction performed which is displayed to the on the app. The balance amount is also visible to the investor on the app.

Expedite on boarding process

The app works as a dedicated money manager, into which investors can invest their money and track the increase or returns. “The app has also made the on-boarding process extremely simple quick, this encourages new or first time customer to invest in mutual funds and also attracts more customers,” says Gupta.

It also becomes more convenient for the customers as the provision of an instant redemption makes the funds are available to the investor any time. The investor on requesting for a redemption will receive the amount back within 30 minutes. This ensures in case of a need the investor can avail the amount immediately and not wait for it. “Reliance Mutual Fund now offers higher liquidity than other AMCs, as our organization is the only Mutual fund offering ATM Card facility to investors,” adds, Gupta.